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Four earnings reports next week, Circle is the finale There are four earnings reports next week: Palantir, AMD, SpaceX, Circle. But honestly, the information the first three can provide has basically been given in the last round of tech giant earnings, which is to verify whether AI demand is genuinely strong or just hype. This expectation has been repeatedly traded in the market, so even if there is deviation, the marginal impact won't be too large. Instead, the last one, Circle, is the most worth watching. Coinbase revenue dropped 18.5%, Robinhood crypto revenue fell nearly 40%, and USDT growth has stopped. Three reports from the crypto side have already been submitted, all pointing in the same direction—the market is shrinking. But one thing hasn't been confirmed yet: is the capital really leaving, or is it just changing containers? Circle's answer can confirm this. If USDC circulation is rising, it means the money hasn't gone far, just waiting for a compliant entry point. If it also falls, then it really is a net outflow, and the stablecoin market is shrinking overall. This concerns a more fundamental question: whether institutional funds are still waiting at the door. The scale of compliant stablecoins is a leading indicator of this issue. As for the rest, there's nothing much to focus on. Just do your own well. $BTC $ETH #DailyOrbit